Gertrude Kelp owns three boats that participate in commercial fishing for fresh Pacific salmon off the coast of Alaska. As part of her business she hires a captain and several crew members for each boat. In the market for fresh Pacific salmon, there are thousands of firms like Gertrude's. While Gertrude usually catches a significant number of fish each year, her contribution to the entire harvest of salmon is negligible relative to the size of the market.
Refer to Scenario 18-2. Based on the given information, it is likely that Gertrude's firm has
Refer to Scenario 18-2. When Gertrude participates in the labor market to hire crew members for her boats, she is most likely considered a
Refer to Scenario 18-2. If the price of fresh Pacific salmon were to decrease significantly, it is most likely that Gertrude would
Refer to Scenario 18-2. If the price of fresh Pacific salmon were to increase significantly, it is most likely that Gertrude would
Refer to Scenario 18-2. If Gertrude is a competitor in both the fresh Pacific salmon market and in the market for crew members, she is called a price
Refer to Scenario 18-2. In the fresh Pacific salmon product market, Gertrude has some control over the
Refer to Scenario 18-2. If Gertrude is a price taker in the labor market, she can choose
Refer to Scenario 18-2. Labor-market theory assumes that Gertrude's demand for crew members and her supply of fresh Pacific salmon result from her